Russia Eyes Blockchain Potential for National Payment System


Russia’s Association of Financial Innovation (AFI) has penned a roadmap for improving the regulation of the National Payment System including using Blockchain, has reported.

The Federal Assembly of Russia State Duma, the Ministry of Finance and the Federal Financial Monitoring Service will now review the AFI proposal, which has been created to help the Russian National Payments Council (NPC) with regulatory issues. 

The NPC is a multipurpose cross-branch venue for discussion of approaches and determining a consolidated opinion of Russian national payments system participants.
NPC objective is to consolidate national payment system participants’ efforts to provide its stability and increase efficiency of institutional and infrastructural components, consolidate market participants’ opinions on issues of development, accumulate and promote best practices, promote cutting-edge technologies implementation across Russian payment market.
NPC founders are: Sberbank of  Russia (OJSC), VTB Bank (JSC), Alfa-Bank (OJSC), Promsvyazbank (OJSC), VimpelCom (OJSC), Unistream Commercial Bank (JSC), Deutsche Bank, Golden Crown (money transfer).